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Here's a link to the sticky on TKA Something that discusses Arcazua's AEP ratings. Third post down shows the different weights for various builds, BM being one of them. I'm not sure how up-to-date it is.
About 6 months old. Prior to 2.3, not much had changed in that time span, though.
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I myself have started using the add-on and find it to be very helpful, even with the default weights.
The default weights are from the original AEP system. There's an AEP2 thread, which is the one you linked, that is a bit more comprehensive. There is a
spreadsheet that I used for finding the weights that you can certainly adjust yourself. It's more straightforward than doing the math yourself...but at that point you may as well consider using Cheeky's work instead.
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MP5 is 36 points, is it? That's more than triple the next stat.
From the point of view of a raider, I would have thought that - in order to reach the 142 (?) hit cap, for bosses - +HR would be more important.
MP5 is very very subjective, and depends on your needs. Things that can affect its usefulness include mana pool, mana expenditure, length of battle, outside sources of mana...in the thread, I set up my hypotheses on how mana is spent. It turns out that a lot of the variables cancel out and what really matters is how much mana per second you are losing, and if the mana pool/regen you have is sufficient to last the battle. After that point, mana regen helps minimize a loss of about 50% of your damage output. (Whatever portion of the mana you are getting back out of what you actually need is roughly what portion of that 50% you will retain. So if you spend 200 mana per 5, and regen 60 MP5, you have 30% of your need, which means you will keep 15% out of the 50, and drop to 65% damage output when you go OOM.)
Yeah, it's simply a confusing subject. But the take-home part of the lesson is that it's both very valuable to those who can use it, and very hard to conclude just how much you can use it.
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Mp5 is 36 points because you only usually get 3-5 of it at any given time, compared to ~15/30/50 for hit/agi/ap. Is it too high? maybe. I know I don't focus on it much.
It also becomes a lot more important as you progress and get to really long boss fights. Of course, lots of good hunter gear has the MP5 so it's usually not a problem. In my opinion just use superior wizard oil and chug fel mana pots and you'll be fine. I'm not at the point where I'm doing much more then kara, (gruuls once) so can't speak from a far end game perspective, but so far I haven't come close to having mana issues, unless I've been slacking and didn't down a mana pot soon enough or something.
hit rating will come with gear, I don't actually socket any hit gems at all, and I'm hit capped.
At first, mana will seem like a non-issue as you move through Kara. Toward the end, and as you start on Gruul, it will become more important, and you may take to using mana potions until you realize how much cash you're spending to keep up with them and then decide to use them more sparingly. Consumables can give you an edge in the mana department, and reduce your need -- if you're using them routinely, lower the MP5 weight. But MP5 should be high, especially since most items don't have huge numbers of it. (The itemization formula has it "cost" 2.5 times as much as agility.)
Hit rating, otoh, starts off low until you gear up through Kara, and then skyrockets to the cap, and gradually starts to come back down as your gear improves toward deeper Kara and early raid stuff.
Now, regarding the add-on, I downloaded it when it was initially developed, and liked having it at my fingertips so I didn't have to alt-tab or print out my records. However, I thought it stopped being updated and had gone obsolete. Is that not the case?